Arvest Bank to participate in Apple Pay

Arvest Bank has reached an agreement with Apple, Inc., which will make the Apple Pay mobile wallet system available to Arvest customers. Arvest is one of the first regional banks to announce its participation in the mobile payment system first introduced by Apple on Sept. 9.

Apple Pay allows customers to load credit and debit cards from participating banks into an iPhone 6 or iPhone 6 Plus, then hold the device near a contactless reader. According to Apple, there are approximately 220,000 locations with contactless readers in the U.S.

Large banks already partnered with Apple in Apple Pay were announced with the launch of the system. They include Bank of America, Chase, Citi and Wells Fargo. The system is also partnered with card-issuers American Express, MasterCard and Visa.

Apple's newly introduced iPhone 6 and iPhone 6 Plus have Near Field Communication (NFC) chips that allow the device to communicate with other devices within a range of about one inch. They are currently the only iPhones able to make in-store "tap and pay" purchases.

Once cards are uploaded into the iPhone 6 or iPhone 6 Plus, Apple will verify the card with the customer's bank for security and validity. A virtual "token" link between that card and that specific phone is stored in the Passbook app. The "token" number will not work on any other device or phone.

Arvest Bank operates more than 260 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board and management team.